@gsta wrote:
pk, yes all that was correct. I work in US and do occasional consulting for Europe. I claimed US tax citizenship so I do not have to pay taxes for it in Europe, just here, and yes all the work is done over the internet from US. I just have two clarification questions:
(c) FBAR and FATCA reporting is something I can do as part of annual tax filling or is it separate? Do I need an accountant for this?
(d) I assume I fill Schedules C and SE during my annual tax filling, right?
Thank you!
The FBAR is a report of foreign holdings, it does not by itself assess tax. It's not part of your tax return and not included in turbotax, but the deadline is the same. You can do it online.
https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...
Schedule C and SE are part of your regular tax return. In Turbotax, you would use the Self Employed version (online) or the Home & Business version (if using the CD or download installed on your own computer). If you have never filed as a sole proprietor before, you may want to talk to a tax advisor to help you get started, or get something like a Lasser's tax guide, or review some online sources.
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center
https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...
